–President Ali calls for shift from quick profits to long-term enterprise building
— says upcoming development bank aiming to rewire entrepreneurial thinking, back success
THE government’s proposed Guyana Development Bank is being pitched not merely as a source of finance but as a programme to transform how Guyanese think about business.
“The Guyana Development Bank is about creating strategies at the individual and small business level that allows Guyanese to win, prosper, and succeed,” President Dr. Irfaan Ali said during a recent broadcast outlining the bank’s structure.
The bank will provide small and medium-sized businesses and aspiring entrepreneurs with access to micro-credit loans of up to $3 million at a zero per cent interest rate.
The model aims to help entrepreneurs from application through growth, eventually transitioning to commercial finance.
“You have to create a positive mindset, and this is something I want every Guyanese to have as we embark on this journey together. The first phase of the development bank would create opportunities for thousands of Guyanese. We want every single person that will embark on a journey of success, a journey of fulfillment with the Guyana Development Bank to have a positive mindset,” he said, adding:
“This is a business opportunity; this is a loan that is interest-free and collateral-free, but it’s not a grant. It is meant to allow you to build a business to build prosperity, to build an enterprise, to build off of your creativity, to build off of your ideas, to support your ideas, to support your entrepreneurial spirit. It is not making a quick spin, or a quick turnover or quick transaction.”
He pointed to support pillars such as financial literacy, business development coaching, marketing advice, and integration with other government extension services, all established to ensure success in entrepreneurship.
Additionally, mentors will be drawn from already established enterprises, religious and community leadership, who will be deployed alongside facilitators to sharpen ideas and foster the patient, disciplined approach that is necessary for durability and resilience.
He insisted that beneficiaries must commit time and effort. He stressed that persons must dedicate themselves to day‑to‑day management.
“It is well thought out, that is why it has support mechanism and also a mechanism built in in the organisational structure to allow you to grow to incentivise the growth and development of your business,” he stressed.
Patience and hard work are presented as pillars alongside financial support, with the government promising continuous follow‑up and pathways to scale up rather than one‑off disbursements.
“You can’t believe you’ve arrived because you’re now developing a business and believe you can delegate the responsibilities of running that business. You have to, at inception, dedicate your time, your energy, your patience. Your value system has to reflect a positive mindset for success,” he said, adding:
“I want you to be prepared; I want you to understand that when we placed this in the Manifesto, we knew that for the success of this bank we have to also change mindset.”
The bank will operate through a bottom‑up, field‑driven structure anchored by a board and chief executive officer at the top, and regional credit officers on the ground who work directly with applicants to shape ideas, process interest‑free, collateral‑free loans and monitor projects.
These officers are supported by regional facilitators who organise clusters of similar businesses, deliver financial literacy and basic management training, and link borrowers to wider government support.
Legislation for the bank’s operationalisation was tabled in the National Assembly recently.
While much attention has focused on the bank’s role in providing financing and SMEs, the legislation also outlines extensive governance, transparency and enforcement mechanisms designed to safeguard public resources and ensure prudent management.
The bill places significant responsibility on the institution’s board of directors, which will oversee the affairs and business of the bank. Among its responsibilities, the board will be required to approve strategic and business plans, establish credit, risk and governance policies, monitor management performance and safeguard the independence of credit decisions. The legislation also stipulates that the bank must operate with due regard for financial sustainability and risk management.
To strengthen public confidence in the institution, the bill establishes strict eligibility requirements for board members.
Under the proposed legislation, an undischarged bankrupt, a person of unsound mind, or anyone convicted of an indictable offence or an offence involving fraud, dishonesty or moral turpitude would be disqualified from serving as a director.
The legislation also outlines several circumstances under which a director may be removed from office.
